The Minnesota commercial lease agreement is a contract used by a business entity to rent office, industrial, or retail space. This document establishes the relationship between the landlord and tenant (business) by outlining the terms and conditions associated with renting the space.
Minnesota Commercial Landlord/Tenant Laws
- Commercial leases typically have much longer terms than residential leases.
- The type of lease may vary based on a number of factors. For example, with a gross commercial lease, the tenant pays rent, but the landlord pays for insurance, common area upkeep, and taxes. The opposite is true with a triple-net lease, which will see the tenant take up much of the building’s running expenses.
- The landlord must disclose the presence of lead-based paint. Additionally, if the property is being foreclosed, then this must be disclosed to the commercial leaser. Finally, if there is an outstanding inspection order on the property based on an infraction, Minnesota code § 504B.195 states that this information needs to be relayed to the tenant.
- Since commercial leases sometimes call for renovations, the lease should clearly state what is allowed insofar as modifications and what isn’t.
- The document will also need to be signed, have the printed name of all involved parties, and dated. Some also take the extra step of having the document notarized.